Portland Property and KriselGreer overcame the initial “bump…
Portland Property and KriselGreer overcame the initial “bump in the road” described in Question 26 above. Portland Property’s broker created a Letter of Intent for presentation to KriselGreer. (Assume that the LOI was typical/customary in form and content.) KriselGreer and Portland Property signed the LOI, and KriselGreer’s lawyers went to work on negotiating a Sale and Purchase Contract. KriselGreer spent a good deal of money on its lawyers’ work. Unfortunately, the deal permanently “cratered” before the ‘SPC’ was signed. KriselGreer insists it can compel Portland Property to go forward with the deal as described in the LOI. Portland Property disagrees. Who is correct in this scenario? (See again the assumption above.) (Select one answer only.)